Turks’ European scrap buys lift US’ price hopes
Jun 13, 2013 | 05:49 PM
| Sean Davidson
NEW ORLEANS Several U.S. exporters hope to see a small bounce in bulk ferrous scrap export prices, with sentiment boosted by a fresh round of Turkish purchases of European material.
A slew of deals concluded over the past four trading days indicate a modest strengthening in prices of European and British scrap shipped to Turkey.
U.S. exporters have yet to log bulk sales to their largest customer this week, and some market participants suggested that only one or two companies likely have the inventory to sell, with others reportedly sold out.
At least seven bulk cargoes were sold from the United Kingdom and Europe over the past week. Normalized prices for an 80/20 mix of No. 1 and No. 2 heavy melt indicate that U.S. tags should range between $340 and $345 per tonne c.i.f. Turkey.....
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